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Joseph Frabizzio of Robson & Robson Joseph Frabizzio of Robson & Robson

Over the past few years, we have received a growing number of inquiries regarding the taxation of so-called virtual or cryptocurrencies from individuals who have purchased such currency and others who are mining the currency. Thus far, these issues have been analyzed under existing tax rules, with some guidance from the Internal Revenue Service (IRS). Recently, there has been a flurry of discussion regarding the IRS’s increased focus on the taxation of cryptocurrencies. Further, IRS representatives have indicated that the topic is front-of-mind. This article outlines some of the primary tax issues and reporting obligations posed by such cryptocurrencies.

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